The Rise of Virtual Money Quiz

What is a virtual currency?

• A type of credit card used for online transactions

• A digital representation of value that is neither issued by a central bank nor necessarily attached to a fiat currency

• A digital representation of value issued by a central bank

• A physical form of money attached to a fiat currency

What is Bitcoin?

• A company that operates the Bitcoin network

• A traditional currency controlled by a central bank

• A type of digital money known as a cryptocurrency

• A physical form of currency made of gold and silver

How did Bitcoin begin?

• It was controlled by a central bank from the beginning

• It was the first attempt at a cryptocurrency

• It was released as open-source software in 2008

• It was first mined in 2009

What is the smallest fraction of a Bitcoin called?

• Bit

• Coin

• Satoshi

• Digital Dollar

How are new Bitcoins added to the system?

• By being purchased from a company

• By being traded using special computer software

• By being mined through solving mathematical problems

• By being printed by a central bank

What are the benefits of using a virtual currency like Bitcoin?

• Speedy and cheap transactions

• Limited use in Africa, Latin America, and South Asia

• High exchange fees and payment delays

• Complete security of credit card information

Where is Bitcoin particularly useful for making digital payments?

• Africa, Latin America, and South Asia

• Australia

• North America

• Europe

What is the most obvious drawback of Bitcoin?

• Stability in the value of the currency

• Independence from traditional currencies

• High level of security

• Fluctuation in value over time